Kotak Mahindra Bank races ahead of peers: touches its all time high

Kotak Mahindra Bank has touched its all time high on Wednesday at 11.15 am by touching Rs 800 per share. The stock has touched an intraday high of Rs 807 per share. All major banks' share prices are gaining ground even as the broader market is rallying with Sensex smoothly touching 28444 on an intraday basis. Sensex is up by almost 80 points.

Bank Nifty is trading at 19670 levels, and is up by almost 0.71 per cent on an intraday basis. The index has gained by almost 40 per cent in 6 months.

The buzz in the banking space is also due to excellent performance of RBL IPO which touched an intraday high of Rs 305.50 per share. The issue price for RBL was Rs 225 per share. The successful IPO listing for RBL highlights the appetite for private banking stocks amongst the investors.

Kotak Mahindra Bank has delivered over 30 per cent in a 1 year time frame, thus outperforming the broader markets.